Get involved! Send your photos, video, news & views by texting WN NEWS to 80360 or e-mail us
Worcester MP hails Lloyds shares sell-off
WORCESTER’S MP has welcomed the taxpayer’s £61 million profit on the sale of shares in Lloyds Banking Group - saying it is “very positive” news.
The Government has completed a £3.2 billion sale of a six per cent slice of the bank to investors.
The deal means the Government profited by more than half a billion, but still retains 32 per cent of the bank.
Mr Walker said: “I do think this sale marks a sea change for the banking system, especially as the public doubted whether they would ever get a return on the money taxpayers’ put into the sector.”
The first part of the re-privatisation saw financial institutions mainly from the UK and United States snap up stock at a price of 75p per share, above the 73.6p average price that had been paid for it by the Treasury.
Some experts predict the Government is expected to sell the rest of its stake by the 2015 General Election.
Comments are closed on this article.